Property development can range from simply updating an existing property to buying a large plot of land for a housing development. Development, whatever the size, is key to helping the current housing problems facing the UK.
Our team of commercial lawyers work with developers looking to acquire a new site, landowners selling their site to developers and local government councils, helping with the regeneration of land in St Albans, Hertfordshire, London and throughout the South East. We also work closely with banks to provide funding to developers to ensure these development plans become a reality.
As a developer acquiring a new development site you will need to enter in to a contract with the seller of the land. In the development world, it is often a ‘conditional contract’ that is used which is not legally binding until planning permission has been obtained by the developer and the seller has given consent. Once permission is given, the developer is bound to go ahead with the purchase.
An alternative to this is an ‘option’ which gives greater freedom to the developer as there is no obligation to buy or apply for planning permission; it merely gives the ‘option’ to purchase. There are small differences between the two, and we can explain these to you.
As a land owner who is granting rights or selling land to developers, you will often come across overage or claw-back arrangements. This is the amount the owner is entitled to after the development is complete. Property developments often change scope during the process. The original proposal may be significantly different to what was agreed at the start – for example building more houses or getting new planning permission. This may radically change the value of the original transaction.
To develop property successfully you need professional advisers by your side, to help drive the project forward, overcome any hurdles and work seamlessly with others involved in the transaction. We will work with you at an early stage helping to negotiate the deal, adding value to the initial agreement and heads of terms. Communication is key, and we ensure the legal documentation reflects your wishes.